| 1. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classification
/ disclosure.
2. There is no claim against the company not acknowledged as debts.
3. Balance shown under the headings sundry creditors for Goods,
expenses & others, sundry debtors, other current assets, banks and
advances to suppliers are subject to confirmations. Necessary
adjustment, if any will be made when the accounts are reconciled and
settled.
4. In the opinion of the management there is no such events occurred
after the date of Balance sheet that needs discloser in these accounts.
5. In the Opinion of the board of directors, the loans, advances and
current assets have a value on realization in the ordinary course of
business, at least equal to the amounts of which these are stated and
that the provisions for the known liabilities are adequate and not in
excess of the amount reasonably necessary.
6. Valuation & consumption of inventories has been taken as valued
and certified by the management.
7. There were no employee at any time during the year drawing
Rs.500000/- or more per month.
8. SEGMENT REPORTING
(a) Business Segment: - The Company has considered business segment as
the primary segment to disclose. The company is engaged in the
manufacture Portland / Slag Cement, which is the context of AS-17
issued by the Institute of Chartered Accountant of India, is considered
the only two business segment.Other business, include Trading in
fabrics. All the Assets pertaining to the primary business.
(b) Geographical Segment: - The Company sells its products within
India. The conditic prevailing in India being Uniform, no Separate
geographical segment disclosure is considered necessary.
9. Related party disclosures under accounting standard 18
i. Other related parties with whom transactions have taken place
during the year Subsidiaries - NIL
ii. Key management personnel
Board of Directors
a. Shri Dipesh M. Sheth
b. Shri Parag P Shah
iii. Relative of Key management personnel where transaction have been
taken place.
a. Electra India
b. Sheth Engineering works
c. Sheth Steel Processors
d. ABI outsourcing limited
e. K.C. Sheth
f. Pratap .N. Shah
g. Rasila .P. Shah
h. Damayanti Sheth
10. Details of Employee benefits as required by the Accounting
Standard 15 "Employee Benefits" are given below:-
(a) Defined Contribution Plans:-
During the year the company has not employed more than 10 employees and
therefore no Statutory Act Related employee are applicable. However
company has not recognized any amount for Defined Contribution in the
profit & loss Accounts as the employee's are not permanent.
(b) Defined benefit plan:-
Provision of gratuity for the employee of Rs. 18986/- on the basis of
the formula given in Annexure -1 of accounting policy point no.12 (b)
of accounting Polices, only for that employee who have completed
continuous five year service in the enterprises Above provision of
gratuity is not accordance with AS-15.
C). Gratuity provision is not in accordance with AS-15
11. In respect of Micro / Small / Medium Enterprises Development Act,
2006, certain disclosure is required to made relating to Micro / Small
/ Medium Enterprises. The company could not get relevant information
from its supplier about their coverage under the Act since the relevant
information is not readily available, no disclosure have been made in
the account. Hence disclosure, if any, relating to amounts unpaid as
at the year end together with interest paid/ payable as required under
the said act have not been made
12. Significant accounting policies adopted by the Company are
disclosed in the statement annexed to these financial statements as
Annexure I.
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